COVID-19: What you need to know about the coronavirus pandemic on 20 August – World Economic Forum

1. How COVID-19 is affecting the world

Confirmed cases of COVID-19 have now reached more than 22.4 million globally, according to the Johns Hopkins Coronavirus Resource Center. The number of confirmed coronavirus deaths now stands at more than 787,000.

South Korea has reported 288 new cases as of midnight Wednesday, suggesting a new outbreak shows no signs of slowing. This is a grave situation that could possibly lead to a nationwide pandemic," said Vice Health Minister Kim Gang-lip.

India recorded a record daily jump in COVID-19 cases of 69,672. Total cases have now reached 2.84 million, according to data from the federal health ministry.

New Zealand has also reported new cases - five in total - as part of a fresh outbreak in Auckland. Some lockdown restrictions were reimposed last week.

Germany's environment ministry says it could meet its 2020 climate target, but would have missed the target were it not for the coronavirus pandemic.

Global confirmed cases as of 19 August.

Image: Our World in Data

This crisis has put healthcare workers in harms way at a time when they are needed the most, the head of ICRCs Health Care in Danger initiative, Maciej Polkowski, said in a statement.

These attacks have a devastating impact on access to and provision of healthcare when many health systems are overwhelmed, Polkowski added.

The ICRC added that attacks against medical staff, patients and medical infrastructure are likely driven by a fear of infection, anger at being unable to perform traditional burials or grief related to death.

The first global pandemic in more than 100 years, COVID-19 has spread throughout the world at an unprecedented speed. At the time of writing, 4.5 million cases have been confirmed and more than 300,000 people have died due to the virus.

As countries seek to recover, some of the more long-term economic, business, environmental, societal and technological challenges and opportunities are just beginning to become visible.

To help all stakeholders communities, governments, businesses and individuals understand the emerging risks and follow-on effects generated by the impact of the coronavirus pandemic, the World Economic Forum, in collaboration with Marsh and McLennan and Zurich Insurance Group, has launched its COVID-19 Risks Outlook: A Preliminary Mapping and its Implications - a companion for decision-makers, building on the Forums annual Global Risks Report.

The report reveals that the economic impact of COVID-19 is dominating companies risks perceptions.

Companies are invited to join the Forums work to help manage the identified emerging risks of COVID-19 across industries to shape a better future. Read the full COVID-19 Risks Outlook: A Preliminary Mapping and its Implications report here, and our impact story with further information.

3. Tough Eurozone economic outlook

A Reuters poll of economists suggests a challenging outlook for the Eurozone economy. Seventy percent of those questioned said it will take two or more years for the bloc's gross domestic product (GDP) to reach pre-COVID levels.

Although there have been encouraging reports with regard to a potential (COVID-19) vaccine by early 2021, as long as there isnt any effective one, containment measures will have to be kept in place regardless," said Elwin de Groot, head of macro strategy at Rabobank. "A second series of partial lockdowns could have some serious economic effects.

Tough times ahead?

Image: Reuters

The poll also warned that job recovery gains could reverse by the end of the year, as short-term work schemes come to an end. Eighty-five percent of those polled thought there was a high risk of this.

Eurozone unemployment almost looks like a Cinderella story. With barely any increase in unemployment, it is currently the belle of the global labour market ball, at least compared to many other developed economies, said Carsten Brzeski, Chief Economist at ING Bank.

When the clock strikes midnight, however, and short-term work schemes come to an end, the fairy tale is unlikely to continue. We expect a second wave of job losses towards the end of the year and going into 2021.

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COVID-19: What you need to know about the coronavirus pandemic on 20 August - World Economic Forum